Cobb’s governing board announced Wednesday it plans on maintaining the county’s current property tax rate despite an increase in the assessed value of county property and, in turn, the revenue it will generate.
The Cobb County Board of Tax Assessors is required to annually review assessed values of taxable property in the county. When trends based on recent property sales show that a property’s fair market value has increased, the board is required to make a reassessment of the value.
Georgia law requires local governments, when tax digests are prepared, to calculate a “rollback” millage rate, the rate that will produce the same total revenue as the previous year. Because the county does not plan to roll back the rate, three public hearings are required to allow residents to weigh in on what is essentially a tax increase.
Cobb County has tentatively adopted a general fund millage rate of 8.46 mills, the same as this year’s rate. This would result in a 3.66% increase in the county’s property tax revenue, according to a news release.
“The continued recovery of the Cobb real estate market is the primary reason for this modest growth in property values and this corresponding increase in the county’s property tax digest,” the release reads.
The Cobb County Board of Commissioners is proposing property tax millage rates at:
♦ 8.46 mills for the county general fund;
♦ 2.86 for the county fire department;
♦ 0.13 for the debt service on the 2008 Parks bond;
♦ 2.45 for the Cumberland Special Services District II;
♦ and 3.5 for the Six Flags Special Services District
Public hearings on the Cobb County tax increase will be held at 100 Cherokee St., Marietta at the following dates and times:
♦ 9 a.m. July 14
♦ 6:30 p.m. July 21
♦ 7 p.m. July 28
Property tax rates for 2020 will be adopted after the third public hearing at the commissioners’ July 28 meeting.